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Central Bank’s key rate expected at 14-16% by end of next year — VEB.RF chief economist

Amid economic growth, due to state defense order and expansion of the import substitution program among other things, a serious reduction of the rate is required, Andrey Klepach added

BARNAUL, August 23. /TASS/. The Russian Central Bank’s key rate will not decline this year, while by the end of 2025 it will total 14-16%, VEB.RF Chief Economist Andrey Klepach told TASS.

On July 26, the board of directors of the Bank of Russia decided to raise the key rate for the first time since December 2023 to 18% per annum.

"As they [the Bank of Russia] said itself they will not cut the rate this year and at the beginning of next year, [the key rate] is more likely [to be reduced] in the second quarter, reaching 14-16% by the end of next year," Klepach said.

Amid economic growth, due to state defense order and expansion of the import substitution program among other things, a serious reduction of the rate is required, the expert noted.

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